I received a rejection from my GW letter, attached below - should I send another e-mail, letter or phone call? BTW - I'm not really looking to get a car loan, just thought I could leverage my request by enticing them with a chance to gain my future business. I've attached the credit union's response below in red... I'm disgusted - this was my first GW letter...
September 7, 2007
Credit Department
2350 W. Stadium Blvd.
Ann Arbor, MI 48103
To Whom It May Concern:
I am writing a letter about my experience with Huron River Area Credit Union (HRACU) that is a mixture of a grateful “thank-you” and a pressing request concerning a HRACU mortgage tradeline in my credit files that I would like to have revised.
I received the HRACU construction loan in 2004, while making initial plans to build my house. Later when I was working on building the new home at night, and while working at my present job during the day, I became disorganized with respect to, as you saw, making timely payments with HRACU. I fully recognize my responsibility with respect to payable accounts and have worked diligently to rehabilitate my relationship with HRACU since that time.
Since then I believe I have learned the essential organizational and financial management principles I desperately needed at that point. Thankfully, responsible credit management is now reflected in my credit records which – excluding the HRACU late payments – are excellent. I wish to thank you for renewing your confidence in me and for giving me a second chance at a relationship with you, one that I am determined to keep spotless.
I am currently shopping around for an auto loan, and it has come to my attention that the late notations from HRACU may preclude me from taking full advantage of the very lowest interest rates now available (5.99% with 1/2% reduction for a score above 730 points with HRACU – very attractive). Since those notations do not reflect my current status with HRACU, I am requesting that you give me a second chance at a positive credit rating by revising those tradelines. Your bank teller suggested that I write you for a “goodwill adjustment”. I sincerely hope that there is redemption at HRACU, and I beg you for such consideration. Please let me know if there is anything I can do to assist in reaching a positive outcome, and I thank you again for the time you have spent reading this letter.
Thank you for your inquiry. You are correct that this is a great time to get low financing for a vehicle loan and we would be happy to assist you with your purchase.
You are to be congratulated for accomplishing so much in such a short period with respect to improving your credit score. We know from experience that building a home while engaged in all the regular tasks of daily life can be quite hectic! A good credit score is so essential for taking advantage of many credit opportunities. Seeking information in advance about your options for your auto loan is always a good idea, too, so that you can maximize your savings and also negotiate your best deal with a dealer or private seller.
With respect to our risk-based lending program, You have two options at this time. The first option is to apply for your auto loan as a pre-approval. This allows us to qualify you for a set dollar amount and gives you a 30 day shopping window (before we have to run another credit report). This would help you know right away how your present score will affect your interest rate. The other option is to locate a vehicle first and then apply for that specific request. Either way the process is essentially the same with respect to the review of your credit and so forth (title work and other items differ only with respect to whether you purchase from a private party or a dealer).
With respect to your question about the impact of your past negative credit history, we can offer some reassurance. While we are not able to set aside the impact of your construction loan history on your credit score, you might want to know that the credit scoring mechanism for payment history items generally gives the most recent credit activity a higher weight than items more than 2 years old. It is quite possible that your score is higher than you believe it to be, as other items on the report from that era and since no doubt have also offset previous late payments with HRACU. Also, only payments that were made more than 30 days late will actually have been reported as "late" to the credit bureaus
If you are very concerned about your record, we could, as an alternative, arrange for a credit report review only prior to submitting a loan request with the option of meeting with a loan officer to review the details. Unfortunately, although many credit-related businesses suggest records can be "expunged" upon request, this is rarely an option.
Please let us know when you are ready to proceed with either request or how else we might be of service.
